Reply to What happens if I don't pay my condo fee?

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[quote=Anonymous][quote=Anonymous]When you look at the condo docs, one of the main things that you should look at is the reserves:  how much is there, how much is being funded for future projects, whether there has been a recent reserve study, and whether the reserves are being funded as indicated in the survey.  Money for projects like new windows should come out of reserves, not from assessments.  Of course not everything is predictable, but the board should be prepared.[/quote]

This.  We live in a neighborhood of big single-family homes (yes, those cookie-cutter McMansions) and we have a hefty HOA fee because the reserves are big.  All neighborhood amenities including care of the public spaces, playground, pool, club room, neighborhood lighting, etc are all covered.  When there is some big expense for the neighborhood, it comes out of reserves.  We recently needed major work on the pool ($20K) and had a new play area built ($35K) and both were covered by reserves.  If you are getting assessed for individual big projects, then your condo association is not well managed.  The condo association should be raising fees to include payments into the reserves.  People usually prefer to pay $50 more per month rather than several thousand dollars for some big project.  Also, I make sure to attend at least the annual meeting (although I do try to make one or two board meetings during the year to just listen).  I look over the treasurer's report and make sure to note the amount in the reserves and the amount of reserves that was spent in the previous year.  Those things tell me how well the board is managing the community.  Every owner in a association like an  HOA or condo association should pay attention to this. [/quote]

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